**Company Number: 00753764 Charity Number: 229947** ## **WATFORD SHELTERED WORKSHOP LIMITED** **Report and Accounts** **for the year ended 31 March 2024** WATFORD SHELTERED WORKSHOP LIMITED Report and Accoullts for the year ettded 31 Mareh 2024 [r￿Ex Page Number I to 3 Trustees, (Directors) Annual Report Independent Examiner's Report Statement of Financial Activities Balance Sheet Stat¢m¢nt of C&5h Flows 8t0 15 Notes fom)ing part of the Accounts WATFORD SHELTERED WORKSHOP LITrUTED Company lttformation Company Number: l)0753764 Charity Number: 229947 Registered Offiee C¢nthry Retail Park Dalton Way Watford Herts WD172SF Trustees Ms M Aylward-jones Ms G F Button Mr R l Jacob Mr J Solofflons Mr P A Trainor Mr T J Williams Ms S Edward5 Ms N V Kreeger Ms P Karla Accountants Dickinsons Chartered Accountants Brdndon House Firsi Floor 90 The BrO￿lwaY Chesham Bucks HP5 IEG WATFORD SHELTERED WORKSHOP LIMJTED Trustees, (Directors,) Annu21 Report For the year ended 31 March 2024 Trustees, Annual Report The trustees present their report and the unaudited a¢￿)Unts for the year ended 31 March 2024. The a¢wunts hav¢ been prepared in accordance with the Companies Act 2006, the Charities Act 201 l. &s amended by Charitie5 Act 2022, the Memorandum and Articles of Associarion and Accouniing and Reporting by Chariiies.. Sratrment of Recommended Practice applicable to charities preparing their accounts in ac£ordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102). S¢ruclure, Gov¢rNanee alld Management Watford Shelter¢d Workshop Limited is a cornpany limited by guarantee gowerned by its MemoTalldum and Articles of Association dated 18 March 1963 (amended 23 September 2019). The company be￿rne a regisieted charity with the Charities Commission for England and Wales on 17 August 1966. Recryiimert¢ andappoirtDnenÉ of new trwie£rfdireciors The direetors of the company are also charity tnistees for the purposes of charity law and under the company's Articles of Association are known as membeTS of the charity. The ￿8rd m¢ets stx times a year and considers such matters as the appointment of tW5tees. the finan¢ial position of the Charity. the appioval of Annual Reports and Accounts and the appointment of the indep¢nd¢nt examiner. The quorum necessary for the transaction of business of ihe Nsiees is a minimum of three at the AGM and Thvo at other times. As set out in the Ani¢les of Associaiion. trustees are elected to serve for ihree years_ We have 9 Trustees, including one nomirtated by HertfO[dsh￿e County Council (appointed July 2024) and one nominated by Watfoid Borough Council respectively. All members give their time volun￿n]Y and reeeive no benefits from the charity. Governartce S¢aff Day to day management 15 delegated io the Chief Executive Officer. Yo1￿￿[eerS The Workshop has a number of volunteers who support the service Use￿ in different ways and bring other skills to support our work. including IT systems. Risk analysis and control. fund raisin& accouDILng, health and sal¢ty and providing training. The trustees are grateful to them fo¥ all their 8s5iStance. Objeetives and Activities of the Charity The trustees consider that the charity exists for the purws¢ of the local public benefit as defined in Section 4 of the Charities Act 201 I, as amended by Charities Act 2022. The charity's purtM)se as set oul in the objectives con(ained within the company's Memorandurn and Articles of Association is io provide supported employment, WOTk experience and skills training to people who are disabled or di5advalltage￿ enabling thern io contribut¢ to the community and, where possible. progress into unsupported employment. Risk Assessment In order to comply with the Statement of Recomrnended Ihctic¢ for Charity Accounts (FRS 102) a review of the major risk5 to which (he charity is exposed and the system5 that have to be established to mitigate those risks has been Ca￿led out. The review considered external factors and procedures have beert put in platt to rectify those areas of p)tential vulnerability. These are moniiored on an ongoing basis by our risk committee. Page I WATFORD SHELTERED WORKSHOP LIMrrED Trustees, (Directors,) Annual Report For the year ended 31 March 2024 Aehievements and Performance Adult Crjre Services We ¢ontinue to provide a Day 0PF￿rtun1IIcS Service for service users referred to us by Hertfordshire County Council, Adult Care S¢rvices {ACS). The new Framewotk agreement run5 to ext¢Dd¢d to S¢pt¢mber 2027, reflecting the value that we deliver to people with disability in what is the only facility of its kind in the area and indeed in Hertfordshire. The'sprintsboard" projecL by which we are able to bring in more service users who fall through the crdcks in society and who do not have a care package, started in April 2022 and has been extended for a further year to Marth 2025. TESG (DIVP) The Transitional Employer Support Grant CTESG) continues to be in place. This scheme is administered by A￿esS to Work and includes all previous Work Choice Clients in our employ on Isi April 2019. Future Developments and Strntegies We coniinue to look for new business whtl¢ servicing the existing ¢ustomeTS with a quality of service that they have come to expect from us over the year5. The High Wycombe branch continues to do well. We actively encourage new bu5in¢5s, an.d our team Is to be congrdtulat¢d on achi¢ving an amazing sales figure in difficult times. We have set a reali5tlC Sales tsrget Of £300,000 for the next f2nancial year, b&%ed on a slighily reduced expectation in the ¢urr¢nt marketplace. The trnstees and managers are continuing their initiatives to expand the charity's sales and its visibility in the business community. To this end we have a appointed a marketing and social media manager. Costs rontinue to rise and we monitor These carefully and pass them on to customer5. where this is possible. We have started to develop our owll small product range for launch l&¢r in 2024. Fundraising and Designated Funds Fundrairing corhtinu05 to bE an ntiul part of cor¢ acliviilc￿. It hkn bccn a 3UccC￿fUl Y￿llr for us in t￿rI)li vf fuiididiSii'i¥ fiuii) Tnksts, Companies and Individuals. This activity is vitsl to SUPFM)rt the day-t041ay actLVlties of the charity including the life skills and independent living skills trdining we off¢r our service users. We are gtateful to all our ￿nderS for the continued 5UPPOrt which resulted in a nurnber of don*ions. Funds that were designated by the board last year remain uThJer review and w¢ ar¢ ple&s¢d io hav¢ been able to spend some of that fvnding thi5 year. Financial Review The Statement of Finan¢ial Attivities for the year is set out on page 5 of the 8¢¢ounts. The trustees have established a policy to build up unrestricted reserves to a level to support rhe charity's core expenditure for a period of six to twelve months. Ai the year-end unr¢stricted re5erYes amount to £2,010,316 (2023." £2,028,063) of which £1,232.253 (2023.. £1,250,000) has been Design*ed for particular use. Restricied reserves amounted w £127.242 (2023.. £175,140). Endowm¢nt funds amounted 10 £225.000 (2023.. £250,000). The result for the y¢ar 15 a deficitof £90,645 (2023". surplus of£1.830.067). Thetrustees considerthe result ft>rthe year tts be satisfactory and take the view that the Charity is now properly capitalised and expending funds for the maill charity PUTPOSe. Inv￿¢ment Policy Under the Trlemorandum and ArtIG1￿ of A￿OCIatIo17 thc charity the powcrto inve3t ￿ th￿ Mist￿ Wl>l). Til¥ liavihig J'¢gdt¥J to liquidity requirements, have. to date, operated a policy of kccping availablc fvnd5 in intcrcst b¢ariiig de￿￿￿SIt diiounts. Iii vi¥w ur the donations received in ihe year to 3 1 March 2023 an investment sub-committee was fomied. Thi5 comrnitte¢ has developed a written investment policy and m¢¢ts quarterly to review the portfolio based on reports from the fimd manag¢r5 who are CCLA Investm¢nt Management Limiied, with whoTn we are regularly in ityjch. Staternent of Trusttts, Responsibilities The trustees, who are also the directors of Watford Sheltered Workshop Limited for th¢ purpose of company law, are responsible for preparing the Trustees. Report and the accounts in a¢¢orilance with applicable Ikw and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Practice). Page 2 WATFORD SHELTERED WORKSHOP LIMITED Trus¢¢es' (Directors,) Annual Report For the year elided 31 March 2024 Company law requires the trusEees. to p￿pare a¢¢ounlS for each financial year. which giv¢ a tru¢ and fair view of lh¢ stste of affairs of rhe chariiable cotnpany and of the incoming resour¢es and application of resourees. in¢ludin8 ihe incom¢ and expenditure. of the chariiable ¢ompany for Ihai year. In preparing these accounts the Irusiees are required io". Stltcl siiliable accounting policjes and Iheii apply Ihem consisieiiily: Observe rhe meihods and principles In Ihe Charilies SORP; M¢ik¥.judgemenis and esiimaies thai ale rtasonable and prudeni,. Prepare the a¢counlS on the going concern basis unless li is inappiopri8ie io presume rhat the company will conrinue in business. The trustee5 arc rc5ponsible for ketping proper accounling records which diKlose. wilh reasooable accuracy at any time. the financial porilion of the company artd to enable rhcm lo cnJurc rhe account- hovc bcery propcrly prcparcd in aL￿1'daIl￿￿ W(Ili Ilib iiivy isiutis of the Companit5 Aci 2006. They are a150 responsible for safeguarding ihe a5se¢s ofihe company and hence for taki118 r¢￿Trable steps for the Pfeveniion *iiid dcicctioii of fnud kind oiher irregiilorilieJ. Legg1 knnd Adininistrativ¢ Inforniation Tht ctsmp1n)' Ir Iimiicd b). guaranicc and hoi no=harc cnpiial. Under thc provisionts of the ￿0MpanY'S ni¥nioraiiduii) ufdS¥i)CialiUjl. t1¢h tneiiibtr ivould be required to contribute 14 noi Cncecdin8 £ I for rhc puynicni of the dcbia of thc company in Ihc ¢v¢nt of a defi¢ien¢y of asseis on a windin8 up of the company. Th6 conipiny IJ regI￿rier¢d in EnDland and leu iyiih company rcgisirniion nLimbcr ￿753764 and is a rcgi3icrcd charity uiid¢b' rhF Chariiies Aci 2U 11, 1¢ S Amended by ChaTilies All 20?? wilh iegisiwaiion number ??9947. TI'usi¢¢s:Ind Direciors The ii'usrtcs who seriied durin8 the year were". M5 M Aylwhrd.Jones Ms G F Buiron Mr R I l)¢ob Mr J Solomons Mr P A I rainor MrTI Williams Ms S Edwai'ds Ms N V Kreeger Ms P Karla {ApKx)ini¢d October 2023) IApp)inied 20, November 2023) Key Man4?gement Personnel Linda Mclnlyre Gill Ntghii17sale Mussarai Parveen Hic sson Javid Chief Exe¢utive Partnetship Manager Vorkshop Klanabjer Developnieni Mana¥er The Direciors have 14ken advaniog¢ ofseciion 477{?) of the Companies Aci 2006 ivhbch exempLtr the ¢ompany from the requirement 10 have Ihe a￿oun1S audited. Tlip fvmpHTIy 15 rviiiiir¢d Iv Iihvv lildY￿rI￿vnI E.XalllllldlivJi Itl dLLvrd¢inL¥ wilh Ihe provisions in ihe Charilies.4￿ 101 l. as IIIPii(l¥il by Charilivj .4it ?02? ALLI)rditkuly. N￿1￿11* tpyliLbll FCA of Dii-kiliv￿ng. Chari¥r¢b.4cctsununis, i¥J5 Jppoini¥d Indcptndeiii E.xaminer. By Order of th¢ Board- Mi. P TrTrinor Tryst¢e grtd Dir¢¢tor Dalc Pag¢ 3 WATFORD SHELTERED WORXSHOP LIMITED Independent ExamiDer'5 Report to the Trnstees of Watford Sheltered Workshop Limited for the year eDded 31 March 2024 I report to the charity trustees on my examination of the accounts of the Charitsble Company for the year ¢nd¢d 31 March 2024. Responsibilities and basi5 of report As the charity's trustees (who are also the directors of the ￿MpanY for the purpose of company law), you are responsible for the preparation of th¢ a¢wunts in accordance with the requiretnents of The Companies Acr 2006 (the 2006 Act"). Having satisfied myself that ihe accounts of the Company ar¢ nol required to be audited for this year under part 16 of the 2006 Act and are eligible for independent examination, I report in respECt of rny examination of your Cha￿ty's accounts as carried out under section 145 of charities Act 2011. as amended by Charities Act 2022. ('Ihe 2011 Actr.). In ¢anying out rny ¢xamination. I have followed the Directions given by the Charity Commission (under se¢iion 145(5){b) of the 2011 Act) Independent examiner's statement The company's gross income exceeded £250.000 and l am qualified io undertake the examination by being a qualified member of the ICAEW. I have completed my examination. I confwm that no material matter5 have come to my attention which gives me cause to believe that.. Accounting records were not kept in accordance with section 386 of the Companies ACÉ 2006. or The accounis do not auord with such records. OT The accounts do not comply with rel¢vant accounting requirements urtder section 396 of the Companies Act 2006 other than the accounts give a'true and fair. view which is not a matter considered as part of an independent examinaiion. or The accounts have not been prepared in accordance with the chariiies SORP {FRS102). I have no ¢on¢ems and have come across no other matters in Connection with the exarnination to which attention shi)uld be drawn in this report in order io enable a proper understsnding of th¢ accounts tts be r￿hed. Natalie Spalton FCA Di¢kinson5 Chartered Accountanis Brandon House First Floor 90 The Broadway Chesham Buckinghatnshire FtPS l Efj Date.. Page.. 4 WATFORD SHELTERED WORI(SHOPLIMtTED Stattmentof FiTrantiAI Activitits (Statsme￿I of Income and RetsiAtd E4ThiJy} for the year*￿ded 31 Mar¢b 2024 2024 Vnreilri¢t 2014 R¢¥rictEd Fullth 2D24 2D23 2023 In¢oThin% resDprtt¥ NdtES Funds fotsiP¥Nds Funts FuDds Funds Dona￿OnS￿nd Wcies W53 In2 611.660 W74 A429 1.607.945 $3Q3n 25Q( 2.144.5S5 611,660 81574 6,429 18.854 In¥*￿neN D￿￿edge￿wIteS Adultcrttlien 39261 19.264 815.450 76J53 891.*)3 1202.535 28&640 250.￿ C¢sLsoflhÈn￿bleXtLV1t 1833.197) 125.1 Im4481 (725Jrn 19N.12gi Totsl Fe5Qyry¢s￿pe￿d etltxptndilureVIMome (47.8981 19).615) 1.477.17 IS￿ 1.830.(*7 mDvemeDI5 iDfvids 11- 13 47 25.¢XYJ ).615 2501K*) 1 830.067 Fotal Surplusa¢ l Awl 2023 102B.063 173.140 250.(OJ I4S3JQ) r2J51 2024 127342 223.1 2J6l558 2.￿2￿.￿3 25o.rw Th¢ Str*men¢ ofFi[￿cIaL Activithes h*$b￿ wep*tdcffj the b￿￿th*all*)puwms￿cCOnjnUYq1Vyzti WATFORD SHELTERED WORKSHOP LIMITED Company Number: 00753764 Charity Number: 229947 Balance Sheet as at 31 March 2024 Noi 2024 2023 Fixed Assets Tangible fixed assets 22.218 25,392 Current Asset5 Debiors 105.327 ?57.167 2.U06.4?2 98,853 2.430.559 2,368.916 2.529.412 Crediron.. Amoun15 falling due wirhin (pne year io {28.576) Nei Ciirrent Assets ?.J40.340 2.427.811 'I'oiiil Asscls Lts.s Currtnl Li•bbililies ?,36?.558 2,453.203 Funds of the Cliarily U1)resiri¢￿d Income Funds Resiri¢¢ed Funds Eiidowmenl Fttnds 2.010.316 1?7.242 ?25.000 2,028,063 175.140 250.000 12 ij Toi#l Ch4?i'ily FuJi(ls ?6? 558 2,453,203 'The company 15 enlitled io exemptiorb from audit under Section 477 of the Companie5 Act 2006 for ihe year ended 31 March 2024. The menibers have noi requir¢d rhe company to obiaÈn an aiidii of its financial siaiements forthe yearended 31 Maich 2024 in I?￿￿0vdOnec M'jili ¢￿eci10n 476 ofihe Compiniv..Aci !L¥J6. Th¢ direciors ackiio%vledoe Iheir reSt￿nSIbIli11ts ltir.. eiisuriTrg Ihai Ihe conipany keep5 aceouniin¥ records which comply wilh Sections 386 and 387 of the Componies Aci 2006 and Ibl prepai'iiig finartcial 51aretn¢nlS which give a true and fair view of the stsie of affairs of Iht company as ai lh¢ end of each financial year and of Ils surplus or defieil for each financial year in accordance with the requirernen15 of Se¢tions 394 aiid i95 and which otherwise comply wilh the requiremenis of (he CompaTrbe5 Act 2006 relating 10 financial siaiemenis, so tai applicable 10 Ihe compaiiy. The financial siaieme1115 have beeii pr¢plc red accordance wtih Ihe provisions of Pan 15 ofthe Cornpanies Act 2006 relating 10 small companies. The financial statemenis were approved by the Board of Dire¢iors on were signed on its behalf by.. . R l th¢ extent that th¢ charity has met the recwilion criieri& Inctsme from charitable trading aciivities is recognised when the related giM)ds and services have been completrd and dispatched. Income from donated services and facilities are recognised when the charitable company utilises the facilities with the fair value being recognised as incoming resourc¢s and ¢xp¢nded resources sifftultaTheou51y. ￿ apprijpriate. Resotsrces Eypended Expenditure is accounted for on an accruals basis, recognised when a15ability is incurred. and classified under heading5 that aggregate all c05t5 related to the category. Where costs cannot be direcily attributed to panicular headings they have been allo¢at¢d to activitÈe5 on a basis consistent with the use of resources. Support costs have been alloCa￿d between governance costs and other support. Governance costs comprise all costs involving public accountsbility of th¢ charity and its compliance with regulation and good PTaciice. Support costs include central functions and have been allocated to aclivity Cost categories on a basis cons5s(ent with the use of resour¢e5. Cosb and Cash E4uivtslents Cash and Cash equivalenrs are basic financial assets and in¢lud¢ wh in hand. d¢posits held with banks and orher short tem liquid investments wilh mawriiies of three months or less. Bosic FinfjnciulAsseis Basic fu)ancial assets. which include debtors and wh and bank balances. ate initially rnelsured at transaction price including transaction cost and are subsequently Gvried at arnortised cost using the effective interest merhod unless the arrangement constitutes a financing trdnsaction. where the transaction is measured at the present value of the fitDJre receipts discounied at a market rate of interest. Financial assets classified a% receivable within one year are noi amort15ed. Page. 8 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the A¢¢ounts for the year ended 31 March 2024 PriDcip21 Accounting Policie5 (Continued) Derecognirfion of FinancialAssets Financial assets are derecognised only when the wntra¢tual rights ￿ th¢ flow5 frorn the &sset expire or arc 5Ettltd. or when the company transfers the f￿anCial a55et and substantially all the risks and rewards of ownership io another entity, or . if some significant risks and reward5 Of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in it5 entiTety to an unrelated third party. Bttsic El￿t￿clI41LthhI1i1A Basic finamcial liabililies. including creditors. are initially recognised at ttansaction price unless the arrangement constitutes a financing transaction, where the debt instrurnent is measured ac the present value of the future receipts discounted at a market rdtt of interest. Financial ITabilities classified as payable within one year are not amortised. Derecogniiion of Financial Liabililies Financial liabilities are dere¢ognis¢d wh¢n th¢ company'$ tontractual obligations expite or are discharged or cancelled. FundAceounling Unrestricted are those which are available for use at the discretion of the Trustees in the furtherance of the general objectives of the charity and which have not been designated for other purposes. DeSigna￿d funds comprise funds which have been Set aside ai the dis¢reiion of th¢ Trllst¢¢5 for S￿￿]riC purpos¢s. Th¢ purposes and uses of ihe designated fvnd5 are set out in the not£s to the financial 5tateTnents. Restricted fund5 can only be used for particular restricied purposes within ihe objects of the charity. Restriciions arise when specified by the donor or when funds are raised for particular restricted purposes. Endowment funds are subject to 5pxific conditions by donors that the capital must be maintained by the charity and is to be spent in line with the Conditions imposed. Further explanation of the nature and putpose of each fund is included in the notes to the accounts. Tangible FixedAssets Tangible fixed assets are held at cost less depreciation. Depreciation is recognised so as ￿ wriie off the cosi less estimated residual value of each 18sei over their useful lives on the following basis- Plant and Machinery 20Vo on c05t Fixtures and fittings between 2￿/0 and 25% on cost Motor vehiGles IOO/o on cost Government Grants GovemmeT)i grants are reCO￿lS¢d at the fair value of lh¢ &ss¢t r￿e1Ved or receivable when there is reasonable assurance that ihe grani ¢ondition5 will be mel. and the grants will be received. A granl that 5p¢¢ifies p¢rforniance conditions is recognised in income when the perforniance conditions are meL W￿¢re a grant does not specify performance condiiions li is recognised in income when the pr¢)ceeds are Teceived or rKeivable. A grant received before the recognition criteria are satisfied 15 recogni5¢d a5 a liability. The charity is exempt from tax on incotne and gains falling within sedion 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Aci 1992 10 the exteni ihat these are applied io its charitable objects. Page.. 9 WATFORD SHELTERED WORKSHOP LIfvUTED Notes forn)iDg part of the Accounts for the year ended 31 Mar¢h 2024 Donations and leg8Ci¢S 2024 2023 Unrestricted donations and grants Councillor's Locality B¢ty Messenger Charitable Foundati The Edward Gostling Foundation Ronnie Lubner Fowidation Wenzels the bakers Hertfordshire Community Foundation re'springboard" project Simon Gibson Charitsble Trust Other Organi5ations Other Individuals 900 7(Kl 250.000 25,000 8,504 5.000 37.765 3,000 11,284 16,692 8.746 36,734 28.828 20.725 95.933 357,945 Designated donations #nd grnnts Betty M¢ss¢nger Chariiable Foundation 1,250.0(KJ 95,933 1,607,945 Restricted donations and grants Garfield Weston Foundatiorb Sir Robert McAlpine Foundaiion Bally Thomas Charitable Trust Watford & Three RiYeT5 Trust Betty MesseTrg¢r Charirable Foundation Warford Borough Council Other organisaiions HCF Watford Community Housing TNst HCF Police and Crime CotnTnissioner 20.000 20.000 10.000 10,000 10,000 195,000 15.000 21,640 31,053 I 1,000 10,000 5.000 4,300 76.353 286,640 Endowment funds The Edward Gosiling Foundation 250,0(KJ 250.000 ID¢ome from charitsbl¢ 3Ctivitie5 2024 2023 Charitable trading Grants received for charitrble trading pun)oses'. Employment Services Grknt Trdining service payTnents 344,933 308,392 133.964 132,763 117.440 104,540 611,660 530,372 Page.. l O WATFORD SHELTERED WORKSHOP LIMITED Notes forming part oftbe Aecounls for the year ended 31 Mar¢h 2024 Resourees Expended: Charitable Activities 2024 2023 Dire¢t activity costs.. Wag¢s Materials Support costs= Staff salari¢s Rent Water rates Electricity and gas Printing. stationery and advertising Postagt and telephone Motor and travelling expenses Repairs and mainrenance General expense5 Lnsurance Bank charges Professional fees Training. h¢alth and safety Computer expenses Depreciation of tsngible fixed &8sets Gov¥rnan¢g Ind¢pend¢nt examinalion 546227 8,349 496,750 8.055 250.083 6,429 827 17,629 1.781 2,260 4,257 28,220 14.193 12.341 3,833 21.364 44,942 14,339 3,174 203,477 39,264 731 15.905 2,727 1,451 5,781 43.173 17,971 11,701 2.248 6.498 44,405 3,967 3,174 2.200 1.850 982.448 909.128 P4et movement in funds: Net movement in funds is stated after charging: 2024 2023 Independent Examtrter's remuneration Depreciation of tangible fixed assets 2,200 3.174 1,850 3.174 Page.. I I WATFORD SHELTERED WORKSHOP LIMITED Notes forming p2rt of the A¢eouDts for the year ended 31 Mareh 2024 Employees The average monihly number of persons employed by the company during the year was.. 2024 Number 2023 Number Administrative staff Factory staff 42 53 50 The aggregate remuneration comprised: 2024 2023 Wages Salaries Social security costs Pension costs 527.650 219,058 37,317 12.285 482.568 178,156 29,507 9,996 796,310 700,227 No individual ¢mployee'$ (otai benefits exceeded £60.0(Kl during the year (2023: Flone). No trust¢e5' expenses have been incurred during the year (2023.. None). Total employee package5, including pension contributions. of the k¢y management personnel were £114,895 (2023.. £104,515}. Tanglble fixed assets Plant and Machinery Fixtures and Fittings Motor Vehieles Total Cost Ai l April 2023 23.504 27.352 31,740 82,596 Additiijns in the year Disposals in the year At 3 1 March 2024 23,504 27.352 31,740 82,596 Depreeiation At l April 2023 23.504 27.352 6.348 57.204 tkpreciation charged in th¢ yegr 3.174 3,174 Depreciation eliminated on disposal At 31 March 2024 23.S04 27.352 9,522 60.378 Carrying amollnt At 31 March 2024 22.218 22.218 At 31 March 2023 25.392 25.392 Page: 12 WATFORD SHELTERED WORKSHOP LIMrrED Notes forming part of the Ae¢ounts for ihe year ended 31 March 2024 Debtors 2024 2023 Trade debtors Other debtors and prepayments 82.517 22.810 74,472 24,381 105.327 98,853 Current Asset Investrnents 2024 2023 Listed invesThents 257.167 257,167 Curr¢nt a55¢t inv¢5trn¢nts are initially measured & transaciion price excluding transaction Costs and are subsequ¢ntly measured at fair value at each rq)orting date. Trnnsaciion costs ￿e expensed as in¢urred. Chang¢5 in fair valu¢ are recognised in investhient income. Jo Creditors: arnount5 falling due within one y￿r 2024 2023 Trade creditors Other creditor5 Taxation and stscial Security costs Accruals and deferred income .570 17,519 781 17,525 65,776 18,829 8,166 28.576 101,601 Vnre5tricted Funds Atl Net April Movemenl in 2023 Fund$ At31 March 2024 Unrestritted Funds- General Fund Unrestricted Funds- Designated Fund 778,063 1,250,(K)O 778,063 1,232.253 (17,747) 2.028.063 (17.747) 2,010,316 The designated fund is to be spent on expanding the workshop and in¢urring mor¢ s¢rvio user costs. 12 Restricted Funds Atj April 2023 At31 March 2024 Restricted Use Incorne Expenditure Training and work ski115 Wages Premises maintenance and repairs Other support cosrs 64.5(M) 100,000 1,440 9,200 54,880 (57,971) {50,000) (3,940) (12.340) 61.409 50,000 2,500 18.973 15,833 175,140 76,353 (124.251) 127,242 Page." 13 WATFORD SHELTERED WORKSHOP LIMITED Notes forming part of the A¢¢ounts for the year ended 31 March 2024 13 Endowrnent Funds At3J March 2024 April 2023 Restritted Use Expenditure Support Costs 250.(KYJ (25.000) 225.000 250,CN)O (25,000) 225,000 Endowment funds weTe rtteived in 2023 from The EdwaTd Gostling Foundation. Jncome from the fund is to be spent on operacing Costs to 5UPPQrt the charitable activities. The capitsl may be spent at a rate of £25.000 per year for a total of 10 yeaTS. Investrnent income earned each year can be spent in the following year. 14 Funds received as agent During the year the charity received funds amouniing 10 £4.856 (2023- £1.974) from Access to Work on behalf of individual stsff to purchase specialised equipmeni and training. Resource5 ¢xpended in the year amounted to £4,856 {2023.. £1,974) and there were no balances held as agent at the year ¢nd. All ¢quipment purchased remains the prowty of the individuals conrxrned. 15 Called up share ￿pital The company is limited by guarantee and has no share capital. Under the provisions of the company's memorandum of 05sociatitsn, each member would be required ro contribute a 5wn not exceedÉng £1 for the payment of debts of the tompany in the eveni of a deficiency of assets on ¥ winding up of the company. 16 Control The charity has be￿ controlled throughout the year by th¢ lThst¢¢s, who ar¢ identifjed in the company inforniaiion. J7 Tra￿$3£1i0ns with Trusttts and Related Parties Non¢ of the trustees have been paid any remuneration or received any other benefits from ernpltsyment with the Charity or any related entity. There have been no r¢lat¢d party transactions during the year that require disclosure. 18 Cash Generated from Operations 2024 2023 Surplusl{D¢ficit) for the year (90.645) 1,830,067 Adjustments for: Depreciation charges Interest from investments Gain on InVeSt￿ents 3,174 (65,407) (17.167) 3,174 (13,751) Movements in working capital: Increase in debtors (DecTeaseyincrease in ¢reditor5 (6.474) {73,025) (3,955) 38,067 Cash (absorbedygen¢rat¢d by opera¢ioTrs (249,544) 1,853,602 Page.. 14 WATFORD SHELTERED WORKSHOP LIMITED Notes formittg part of the Accounts for the year ended 31 March 2024 19 Analysis of Cash and Cthsh Equiv8lents 2024 2023 Cash ai bank and in hand Endowment funds ,781,422 225.000 2.180,559 250,000 2.006.422 2.430.559 Adjustments for: Long t¢nn ¢&sh inve$tmenLS (997.0(KJ) (997,000) Total eash and eash equivalents 1,009,422 1.433.559 In 2023 cash w&5 received in relation io the Endowmeni Fund amounttng to £250,000 and is held in trust. It is expendable &% per the agreetnent at £25,(KIO plus interest earned in th¢ prior year for 10 year5 after the c￿h is received. 20 Delerred Income Grant income has been received which is subject to perfonDan￿ r¢lat¢d ￿ndItionS falling within the following year. B#lan£e at Movement in l April the y¢ar 2023 Bal4n¢e at 31 M3r¢h 2024 Hertfordshire Community Foundation 36.734 (36.734) Page: 15